Weatherford International PLC (WFRD) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Weatherford International third-quarter 2025 results. (Operator Instructions) As a reminder, today's event is being recorded. I would now like to turn the conference over to Luke Lemoine, Senior Vice President of Corporate Development. Please go ahead, sir.

女士們、先生們，感謝您的耐心等待。歡迎參加威德福國際2025年第三季業績發表會。 （操作說明）提醒各位，本次活動正在錄製。現在我將會議交給企業發展資深副總裁盧克·勒莫因先生。請您發言。

Welcome, everyone, to the Weatherford International third-quarter 2025 earnings conference call. I'm joined today by Girish Saligram, President and CEO; and Anuj Dhruv, Executive Vice President and CFO.

歡迎各位參加威德福國際2025年第三季財報電話會議。今天與我一同出席的有總裁兼執行長吉里什·薩利格拉姆先生，以及執行副總裁兼財務長阿努傑·德魯夫先生。

We'll start today with our prepared remarks and then open it up for questions. You may download a copy of the presentation slides corresponding to today's call from our website's Investor Relations section.

今天我們將首先作準備好的發言，然後開放提問環節。您可以從我們網站的「投資者關係」版塊下載與今天電話會議對應的簡報。

I want to remind everyone that some of today's comments include forward-looking statements. These statements are subject to many risks and uncertainties that could cause our actual results to differ materially from any expectation expressed herein. Please refer to our latest Securities and Exchange Commission filings for risk factors and cautions regarding forward-looking statements.

我想提醒大家，今天發言中包含一些前瞻性陳述。這些陳述受到許多風險和不確定因素的影響，可能導致我們的實際結果與本文表達的任何預期有重大差異。有關前瞻性陳述的風險因素和注意事項，請參閱我們最近向美國證券交易委員會提交的文件。

Our comments today also include non-GAAP financial measures. The underlying details and a reconciliation of GAAP to non-GAAP financial measures are included in our earnings press release or accompanying slide deck, which can be found on our website.

我們今天的評論也包含非公認會計準則（非GAAP）財務指標。具體細節以及公認會計準則（GAAP）與非GAAP財務指標的調節表，請參閱我們的盈利新聞稿或隨附的幻燈片，這些文件均可在我們的網站上找到。

As a reminder, today's call is being webcast and a recorded version will be available on our website's Investor Relations section following the conclusion of this call. With that, I'd like to turn the call over to Girish.

再次提醒各位，今天的電話會議將進行網路直播，會議結束後，錄音版本將發佈在我們網站的投資者關係頁面上。接下來，我將把電話會議交給吉里什。

Thanks, Luke, and thank you all for joining our call. I'll start with an overview of our performance and key highlights and will then share our outlook on the markets. Anuj will then cover specifics on financial performance, balance sheet, detailed guidance. And I will wrap up with some thoughts on Weatherford's operating plans for this environment, before opening for Q&A.

謝謝盧克，也謝謝各位參加本次電話會議。我將首先概述我們的業績和主要亮點，然後分享我們對市場的展望。接下來，阿努傑將詳細介紹財務績效、資產負債表和詳細的績效指引。最後，我將談談威德福在當前環境下的營運計劃，之後進入問答環節。

As illustrated on slide 3, our third-quarter results were above the expectations that we outlined in July. Despite continued market headwinds and a soft macro environment, the One Weatherford team delivered strong performance, and I'm incredibly grateful for the team's unwavering spirit, customer focus, and operating intensity.

如幻燈片3所示，我們第三季的業績超出了7月的預期。儘管市場持續面臨不利因素，宏觀環境疲軟，威德福團隊依然取得了強勁的業績，我非常感謝團隊始終如一的精神、以客戶為中心的理念和高效的工作作風。

In Q3, North America was up slightly sequentially due to the seasonal Canadian rebound, along with a slight improvement in the North America offshore business. However, this was partially offset by a decline in US land.

第三季度，北美業務較上季略有成長，主要得益於加拿大季節性業務的復甦以及北美離岸業務的輕微改善。然而，美國陸上業務的下滑部分抵消了這些成長。

After three quarters of declining revenue in Latin America, this geo market improved revenues by 10% sequentially, primarily due to an improvement in Mexico. Mexico revenues will still be down in the 60% range this year.

在拉丁美洲市場連續三個季度營收下滑後，該地區營收季增10%，主要得益於墨西哥市場的改善。不過，墨西哥市場今年的營收仍將下降約60%。

However, the past two quarters have seen sequential revenue improvements in the country. We believe they're now at a point of relative stability with cautious optimism for slight improvements into 2026.

然而，過去兩個季度該國的收入環比有所增長。我們認為目前該國經濟已趨於穩定，並對2026年的小幅成長持謹慎樂觀態度。

The ESSR region was relatively flat quarter-on-quarter, with a number of countries helping to offset the continued weakness in the UK. I continue to be pleased with our performance in the broader MENA and Asia region as it posted another quarter of sequential growth, led by the UAE, Qatar, Australia, and Thailand.

ESSR地區季比表現相對平穩，多個國家的強勁成長抵消了英國持續疲軟的影響。我對我們在更廣泛的中東、北非和亞洲地區的表現依然感到滿意，該地區連續第二個季度實現成長，其中阿聯酋、卡達、澳洲和泰國是主要成長動力。

We believe Saudi Arabia is in the process of bottoming, and I'm hopeful we can get back to year-on-year growth in the second half of next year. Despite overall market headwinds, I believe the MENA/Asia region can again show growth in Q4 for us.

我們認為沙烏地阿拉伯的經濟正在觸底反彈，我希望明年下半年能夠恢復年成長。儘管整體市場面臨不利因素，但我相信中東和北非/亞洲地區在第四季能夠再次成長。

We continue to see margin dilution from tariff cost pass-throughs but have managed to keep overall margin dollars reasonably intact. There is rising pricing pressure in several markets. And while that might create short-term issues, we are confident in our ability to drive differentiation as a means to offset.

關稅成本轉嫁導致利潤率持續下降，但我們仍設法維持了整體利潤率的合理穩定。多個市場面臨日益增長的價格壓力。雖然這可能會造成短期問題，但我們有信心透過差異化策略來抵消這些影響。

We have previously talked about the acceleration of our cost initiatives, and despite the tariff and pricing pressures, this has helped significantly, evidenced by EBITDA margin expansion of over 70 bps. Our team did a terrific job of focusing on working capital and CapEx that enabled adjusted free cash flow of $99 million, despite lack of payments from Mexico. We had mentioned that this was a timing concern back in July, but I'm very pleased with the way our team executed to offset this impact.

我們之前討論過加快成本控制舉措，儘管面臨關稅和價格壓力，但這些舉措已取得顯著成效，EBITDA利潤率提升超過70個基點便是最好的證明。我們的團隊出色地完成了對營運資本和資本支出的重點控制，即便墨西哥方面尚未支付款項，也實現了9,900萬美元的調整後自由現金流。我們曾在7月提到這會帶來時間上的影響，但我對團隊應對這項影響的執行方式感到非常滿意。

Since the end of the quarter, we have seen tangible progress in payments from Mexico as the new process begins to take effect. That said, there remains a possibility that some payments for 2024 receivables could be deferred into 2026, and we have taken that into account in our adjusted free cash flow projections.

自上個季度末以來，隨著新流程的逐步生效，我們看到來自墨西哥的付款情況取得了顯著進展。儘管如此，仍有可能出現部分2024年應收帳款的付款延期至2026年的情況，我們在調整後的自由現金流預測中已將此因素考慮在內。

As shown on slide 6, we have now paid four quarterly dividends of $0.25 per share, and repurchased approximately $193 million worth of shares over the past five quarters, which includes approximately $7 million during Q3. While this amount may vary each quarter due to market conditions, we remain committed to our buyback program and still have sufficient capacity under our $500 million authorization.

如幻燈片6所示，我們已支付了四次季度股息，每股0.25美元，並在過去五個季度回購了價值約1.93億美元的股票，其中包括第三季度的約700萬美元。雖然由於市場狀況，每季的回購金額可能會有所不同，但我們仍致力於執行回購計劃，並且在5億美元的授權額度內仍有充足的回購能力。

Now turning to our segment overview on slides 8 through 11. The operational and technical highlights showcase advancements in new market penetration, technology adoption, and continued innovation of our product and services portfolio. As noted in our earnings release, our continued success in securing high-impact contracts across key regions reflects the strength of our technology and the trust of our customers.

現在請看第8至11頁的分部概覽。營運和技術亮點展示了我們在新市場滲透、技術應用以及產品和服務組合持續創新方面取得的進展。正如我們在獲利報告中所述，我們在關鍵地區持續成功獲得高影響力合同，體現了我們強大的技術實力和客戶的信任。

In deepwater Brazil, Petrobras awarded Weatherford a three-year $147 million contract to deliver tubular running services. In Romania, Romgaz awarded Weatherford an eight-year contract to provide real-time monitoring services and transmission of dynamic parameters from the wellheads of gas wells. In the Gulf of America, Talos Energy awarded Weatherford a contract to provide managed pressure drilling and tubular running services in their operations.

在巴西深水區，巴西石油公司（Petrobras）授予威德福公司一份為期三年、價值1.47億美元的合同，為其提供油管下入服務。在羅馬尼亞，羅馬尼亞天然氣公司（Romgaz）授予威德福公司一份為期八年的合同，為其提供天然氣井井口即時監控服務和動態參數傳輸服務。在美洲灣，塔洛斯能源公司（Talos Energy）授予威德福公司一份合同，為其作業提供壓力控制鑽井和油管下入服務。

Finally, at our FWRD 2025 conference we demonstrated innovation as a catalyst for long-term value creation. This event is now a showcase of our technology capabilities, but more importantly, a thought leadership forum with several senior delegates from customer organizations.

最後，在我們的FWRD 2025大會上，我們展示了創新如何成為創造長期價值的催化劑。這次大會不僅是我們展示技術能力的平台，更重要的是，它還匯集了來自客戶機構的多位高階代表，成為一個思想領袖交流論壇。

We launched over 20 new products and extensions across our segments: from a more robust rotary steerable offering to our new Optimax well-controlled barrier valve, to MARS, which enables mature field rejuvenation with sophisticated fiber optic surveillance, we are driving the next phase of the company's growth based on innovation. I'm especially excited about Intelligent Completions and our digital launches, both of which have a very long runway of opportunity.

我們在各個業務領域推出了超過20款新產品和擴展功能：從更強大的旋轉導向裝置到新型Optimax精密控制屏障閥，再到利用先進光纖監測技術實現成熟油田修復的MARS系統，我們正以創新為驅動力，引領公司邁入下一個成長階段。我尤其對智慧完井和數位化產品發布感到興奮，這兩項業務都擁有巨大的發展潛力。

Now turning to our outlook. For the past couple of quarters, we have provided what we believe was a prudent view, and we continue to believe this outlook remains reasonable in today's market. While we've seen a positive impact from excellent operational execution, the overall market remains soft.

現在談談我們的展望。過去幾個季度，我們一直秉持審慎的展望，我們仍然認為，在當前的市場環境下，這項展望依然合理。儘管卓越的營運執行帶來了正面影響，但整體市場依然疲軟。

Customer spending trends for the next year remain uncertain, and we are seeing pricing pressure in certain pockets. Trade discussions continue to cause significant uncertainty and may lead to further demand destruction in the short to midterm.

明年消費者支出趨勢仍不明朗，部分地區面臨價格壓力。貿易談判持續造成重大不確定性，並可能在中短期內進一步抑制需求。

We began to see larger tariff impacts in the third quarter with impacts on volumes, cost increases, and margin dilution in specific US product lines. Lastly, OPEC+ continues adding supply back to the market, increasing pressure on the global oil supply-demand balance.

第三季度，關稅的影響開始顯現，導緻美國特定產品線的銷售下降、成本增加和利潤率降低。此外，歐佩克+持續向市場增產，加劇了全球石油供需平衡的壓力。

We believe this softness will persist for the next several months, and coupled with seasonality, will result in year-on-year comparisons being down in the first half of 2026. However, we are hopeful that offshore activity as well as incremental onshore activity driven by the rebalancing of supply and demand will create improvement into the second half of 2026.

我們認為這種疲軟態勢將持續數月，加上季節性因素，將導致2026年上半年年比數據下降。然而，我們希望海上活動以及供需再平衡帶動的陸上活動增量，能夠使2026年下半年情況有所改善。

We also remain hopeful that the industry discipline of recent years will result in a milder global downturn than the last three cycles. We have continued to adapt our cost structure over the past four quarters, and this will further evolve as the market unfolds.

我們仍然希望，近年來行業的自律精神將使全球經濟衰退的程度比過去三個週期要溫和。過去四個季度，我們持續調整成本結構，並將隨著市場的發展進一步改善。

Since the third quarter of last year and excluding divestitures, we have reduced our head count by over 2,000 and lowered our annualized personnel expenses by more than $145 million. While much of this is offset by revenue declines, our swift actions have positioned us to continue operating efficiently.

自去年第三季以來，不計剝離資產，我們已裁員超過2,000人，年度人事支出減少了1.45億美元以上。雖然收入下降抵消了大部分降幅，但我們迅速採取的行動使我們能夠繼續有效地運作。

This ought to enable us to continue to deliver strong margins, such as we did as in Q3, while generating strong cash flows even when faced with revenue declines. We continue to believe we are very well positioned to capitalize on stable or improving activity levels, but we are also taking proactive steps to ensure we can respond swiftly in the event of a more pronounced slowdown.

這應該能夠讓我們繼續維持像第三季那樣的高利潤率，同時即便麵臨營收下滑，也能產生強勁的現金流。我們仍然相信，我們已做好充分準備，能夠把握穩定或不斷改善的業務活動所帶來的機遇，但我們也正在採取積極措施，確保在業務放緩幅度更大的情況下能夠迅速做出反應。

I'd like to turn the call over to Anuj before I come back with closing comments.

我想在作總結發言之前，把電話交給阿努傑。

Thank you, Girish. Good morning, and thank you, everyone, for joining us on the call. Girish has already shared an overview of our third quarter performance and an update on our capital return program. For a more detailed breakdown of the third quarter results, please refer to our press release and accompanying slide deck presentation. My comments today will center around our cash flow, working capital, balance sheet, liquidity and guidance.

謝謝Girish。早安，也感謝各位參加本次電話會議。 Girish已經概述了我們第三季的業績，並介紹了我們的資本回報計劃的最新進展。如需了解第三季業績的詳細分析，請參閱我們的新聞稿和配套的幻燈片簡報。我今天的演講將主要圍繞在我們的現金流量、營運資本、資產負債表、流動性和績效指引。

Turning to slide 22 for cash flows and liquidity. For the third quarter, we generated $99 million of adjusted free cash flow at a 36.8% adjusted free cash flow conversion, which doesn't include any payments from a key customer in Mexico. As you know, our free cash flow is generally weighted towards the second half of the year, and we expect fourth quarter adjusted free cash flow to be at or above third quarter levels. While this is still contingent on receiving payments from our largest customer in Mexico, we are encouraged as we recently received a payment from them, their first since early 2025.

接下來請看第22張投影片，了解現金流量和流動性狀況。第三季度，我們實現了9,900萬美元的調整後自由現金流，調整後自由現金流轉換率為36.8%，這不包括來自墨西哥一位重要客戶的付款。如您所知，我們的自由現金流通常集中在下半年，我們預計第四季度調整後自由現金流將達到或超過第三季水準。雖然這仍取決於我們能否收到來自墨西哥最大客戶的付款，但我們近期收到了他們的付款，這是他們自2025年初以來的首筆付款，這令我們倍感鼓舞。

Net working capital efficiency, measured by net working capital as a percentage of revenues, increased from 26.7% in Q2 2025 to 29.6% in Q3 2025, due primarily to the lack of collections in Mexico as highlighted earlier. We expect this metric to improve in the fourth quarter. And regardless of the stage of the cycle, our goal remains to get to net working capital efficiency levels at 25% or better.

淨營運資本效率（以淨營運資本佔收入的百分比衡量）從2025年第二季的26.7%上升至2025年第三季的29.6%，這主要是由於前文所述的墨西哥地區收款不足所致。我們預計該指標將在第四季度有所改善。無論處於經濟週期的哪個階段，我們的目標始終是將淨營運資本效率提升至25%或更高。

To this end, we have numerous internal initiatives underway to structurally improve working capital efficiency. We have continued to execute on a series of cost improvement actions across the company. In this context, we took an additional restructuring and severance charge of $11 million in Q3, which was in line with Q2.

為此，我們正在進行多項內部舉措，以從根本上提高營運資本效率。我們持續在全公司範圍內實施一系列成本優化措施。在此背景下，我們在第三季提列了1,100萬美元的重組和遣散費用，與第二季持平。

Several actions have already been completed and we expect to implement additional measures throughout the remainder of the year as we stay agile and adapt to evolving market conditions. While a lot of the actions are volume related, we are also using opportunity to leverage shared services, automation technology, and generative AI to drive productivity enhancements and bottom-line impact. A key element of this is our investment in infrastructure systems, and we continue to protect and drive those forward.

多項措施已完成，我們預計將在今年剩餘時間內實施更多措施，以保持敏捷性並適應不斷變化的市場環境。雖然許多舉措都與業務量有關，但我們也正利用共享服務、自動化技術和生成式人工智慧來提升生產力並最終提高獲利能力。其中的關鍵在於我們對基礎設施系統的投資，我們將繼續保護並推動這些系統的發展。

During the third quarter, CapEx was $44 million, versus $54 million in the second quarter, driven by adjustments to align with market conditions. We expect CapEx to decline further in the fourth quarter and be at the lower end of our 3% to 5% range.

第三季資本支出為4,400萬美元，低於第二季的5,400萬美元，這主要是由於為適應市場狀況而進行的調整。我們預計第四季資本支出將進一步下降，並處於我們預測的3%至5%區間的下限。

In Q3, we repurchased approximately $7 million worth of shares and paid a $0.25 per share quarterly dividend. Year-to-date, we have returned approximately 60% of free cash flow to shareholders via share repurchases and dividends. Since inception of the capital return program, we have returned roughly 48% of free cash flow to shareholders via share repurchases and dividends.

第三季度，我們回購了價值約700萬美元的股票，並發放了每股0.25美元的季度股利。今年迄今為止，我們已透過股票回購和股利向股東返還了約60%的自由現金流。自資本回報計畫啟動以來，我們已透過股票回購和股利向股東返還了約48%的自由現金流。

During the quarter, we executed a number of steps to enhance our liquidity and balance sheet. First, we expanded our credit facility by $280 million with commitments of $1 billion, with an accordion to expand to $1.15 billion. Second, we announced a private offering of $1.2 billion of 6.75% senior notes due 2033, and we announced a tender offer for up to $1.3 billion of our 2030 notes.

本季度，我們採取了一系列措施來增強流動性和改善資產負債表。首先，我們將信貸額度擴大了2.8億美元，承諾額度為10億美元，並可依需求增加11.5億美元。其次，我們宣布私募發行12億美元、票面利率為6.75%、2033年到期的優先票據，並宣布對至多13億美元的2030年到期票據發起要約收購。

With these actions on our long-term debt, we've extended our maturity by three years and lowered our cash interest by approximately $31 million per year. Concurrent with these actions, we received ratings upgrades from all three credit rating agencies.

透過這些針對長期債務的措施，我們將債務期限延長了三年，並將每年的現金利息支出減少了約3,100萬美元。同時，我們獲得了三大信用評級機構的評級上調。

Our net leverage ratio is approximately 0.5 times. We have approximately $1 billion of cash and restricted cash, and our liquidity is approximately $1.6 billion. With this, we feel very confident in the strength of our balance sheet and corresponding flexibility and optionality it provides to manage the company through the cycle.

我們的淨槓桿率約為0.5倍。我們擁有約10億美元的現金和受限現金，流動資金約16億美元。因此，我們對公司穩健的資產負債表及其為我們應對經濟週期所提供的靈活性和選擇權充滿信心。

Turning to the fourth quarter guidance on slide 23. We expect revenues to be up slightly with the Middle East, North Africa, Asia, and Latin America geo markets being the best performers. With this, we're expecting $1.245 billion to $1.28 billion in revenues. We believe Brazil, North America offshore, Kuwait, Oman, and Iraq will be the primary areas of growth.

接下來是第23頁的第四季業績指引。我們預計營收將略有成長，其中中東、北非、亞洲和拉丁美洲市場表現最佳。基於此，我們預計營收將在12.45億美元至12.8億美元之間。我們認為巴西、北美離岸市場、科威特、阿曼和伊拉克將是主要的成長區域。

Adjusted EBITDA for the fourth quarter is expected to be between $274 million and $287 million, improving upon our prior midpoint, and margins should move up from Q3 levels driven by cost stabilization, a better mix, and slight volume absorption. We expect adjusted free cash flow to be flat to slightly up from Q3 levels. However, this is still dependent on the levels of payments from Mexico.

第四季調整後 EBITDA 預計在 2.74 億美元至 2.87 億美元之間，高於我們先前的中位數預期。受成本穩定、產品組合優化和銷售略有回升的推動，利潤率預計將較第三季有所提升。我們預計調整後自由現金流將與第三季持平或略有成長。然而，這仍取決於墨西哥的付款情況。

Our effective tax rate can vary quarter to quarter depending on the geographic mix, and we still anticipate this will be similar to 2024, in the mid-20% range, for 2025. CapEx is expected to trend down over the course of the year and land in the range of 3% to 5% of revenues for the whole year.

我們的實際稅率會因地域組成而逐季度變化，我們預計2025年的實際稅率將與2024年類似，約20%。資本支出預計將在年內呈下降趨勢，全年佔收入的3%至5%之間。

Thank you for your time today. I will now pass the call back to Girish for his closing comments.

感謝您今天抽出時間。現在我將把電話轉回給吉里什，請他作總結發言。

Thanks, Anuj. I remain highly optimistic about Weatherford's future over the next several years. Market conditions have changed and we have pivoted as needed. What hasn't changed is our commitment to evolve our operations along with focusing on margins and maximizing cash generation, versus chasing market share and unfavorable cash outcomes.

謝謝，Anuj。我對威德福未來幾年的發展前景依然非常​​樂觀。市場環境發生了變化，我們也根據需求進行了調整。但我們始終不變的是，我們致力於改善運營，專注於利潤率和最大化現金流，而不是一味追求市場份額，最終導致現金流虧​​損。

My confidence stems from three main factors. First, our balance sheet strength is now a source of advantage for us and gives us flexibility to manage the company with the right investment levels through the cycle. Second, our cost structure has dramatically transformed over the past few quarters. And what's exciting is that we still have a lot of room to improve this with that infrastructure modernization program. Third, we have a platform of differentiated technologies and services that we can leverage to grow on both an organic and inorganic basis.

我的信心主要來自三個方面。首先，我們穩健的資產負債表如今已成為我們的一大優勢，使我們能夠靈活地根據經濟週期調整投資水平，從而更好地管理公司。其次，在過去幾個季度，我們的成本結構發生了顯著變化。更令人振奮的是，透過基礎設施現代化項目，我們仍有很大的提升空間。第三，我們擁有差異化的技術和服務平台，可以利用這些優勢來實現內生式和外延式成長。

I've talked about our cost optimization program a number of times, and this is being designed to reposition the company for the future operating environment. It's a multiyear program focused on achieving sustainable productivity gains through technology and lean processes, not just the traditional approach of flexing headcount due to market conditions.

我曾多次談到我們的成本優化計劃，該計劃旨在幫助公司重新定位，以適應未來的營運環境。這是一項多年計劃，專注於透過技術和精益流程實現可持續的生產力提升，而不僅僅是像傳統做法那樣，根據市場情況靈活調整人員配置。

Our new systems infrastructure is going to be state-of-the-art with built-in AI-driven workflows that will allow us to scale very efficiently. Also, working capital efficiency remains a core focus area to drive free cash flow conversion to a sustainable 50%, and we are tracking to demonstrate solid progress on that in 2026.

我們的新系統基礎設施將採用最先進的技術，內建人工智慧驅動的工作流程，這將使我們能夠有效率地擴展業務規模。此外，提高營運資本效率仍然是我們關注的核心領域，旨在將自由現金流轉換率維持在可持續的50%以上，我們預計在2026年將在這方面取得顯著進展。

The transformation of the new Weatherford is an ongoing journey, and the initiatives we've already implemented position us to navigate this part of the cycle far better than in the past. While market conditions remain challenging, we are cautiously optimistic about a potential improvement in the second half of 2026.

新威德福的轉型是一個持續的過程，我們已實施的各項措施使我們能夠比以往更好地應對這一周期階段。儘管市場環境依然充滿挑戰，但我們對2026年下半年的潛在改善持謹慎樂觀態度。

Even if that doesn't materialize, we remain confident in our ability to manage through this phase. I have full confidence that our team will stay agile, adapt with focus, and emerge from this period stronger than before.

即便這種情況最終沒有發生，我們仍然有信心順利度過這一階段。我完全相信我們的團隊會保持敏捷，專注於應對變化，並在這段時期後變得比以往更強大。

And now, operator, please open the call for questions.

現在，接線員，請開始接受提問。

(Operator Instructions) David Anderson, Barclays.

（操作說明）大衛安德森，巴克萊銀行。

So you had mentioned some pricing pressure in certain pockets. I was wondering if you could expand on that a little bit more. Is this more on a regional basis? Like in the Middle East, we've seen Saudi slowing, the rest of the GCC is still growing? Or is this more about certain product lines are strongest? And maybe you could talk through that a little bit, please? Thank you.

您剛才提到某些地區有價格壓力。我想請您詳細解釋一下。這種情況比較是區域性的嗎？例如在中東，我們看到沙烏地阿拉伯的成長放緩，而海灣合作委員會其他成員國仍在成長？還是說這比較是指某些產品線的強勁表現？能否請您詳細談談這方面的情況？謝謝。

Sure, Dave. Great question. And let me break it up into two parts maybe. I'll talk first about the market generically and then talk a little bit more about Weatherford specifically.

當然，戴夫。問得好。我把它分成兩個部分來回答吧。我先泛泛地談談市場，然後再具體說說威德福公司。

So look, what we are seeing is pricing pressure in a few places, a lot of which is in commodity-type services, a lot of non-differentiated activities that we actually don't even participate in. But it is an important thing for us to observe and monitor just because it signals the broader market trend.

所以你看，我們目前看到的是一些領域的定價壓力，其中許多都集中在商品型服務領域，也就是我們實際上並未涉足的那些同質化業務。但這對我們來說仍然非常重要，因為它預示著更廣泛的市場趨勢。

I am a little bit concerned about some of the dramatic drops we are seeing, especially on truly undifferentiated things. And look, the Middle East tends to be the place where we see it the most. North America is more obvious, but the Middle East, we are certainly seeing that. Again, that's something that concerns us.

我有點擔心我們看到的一些大幅下跌，尤其是一些幾乎沒有區別的商品和服務。而且，中東地區似乎是這種現象最明顯的地區。北美的情況更明顯，但中東地區的情況也確實如此。這確實讓我們感到擔憂。

We're not seeing it quite as much on the truly differentiated product lines and specialty services, which is positive. So which leads me into the Weatherford angle. Look, we will not really follow the herd, so to speak, on this. We are very, very careful about our pricing. We are very committed to margins and margin expansion.

我們在真正差異化的產品線和專業服務領域並沒有看到太多這種情況，這是個好消息。這就引出了威德福的觀點。我們不會隨波逐流，而是會非常謹慎地看待定價。我們致力於提高利潤率，並不斷擴大利潤空間。

And we've got a very robust operating environment, which, look, the number of deals that come up to Anuj and myself is very significant. So we take a very granular look at all of these things and have the ability to monitor that.

我們擁有非常穩健的營運環境，你看，擺在我和阿努傑面前的交易數量非常龐大。所以我們會對所有這些事情進行非常細緻的分析，並且有能力進行監控。

So as we said in our prepared remarks, we are absolutely committed to not chasing market share at the expense of unfavorable cash outcome. But we believe we've got a portfolio that allows us to navigate this quite well.

正如我們在事先準備好的演講稿中所說，我們絕對不會為了追求市場佔有率而犧牲現金流。但我們相信，我們目前的投資組合能夠讓我們很好地應對這種情況。

Scott Gruber, Citigroup.

史考特‧格魯伯，花旗集團。

Girish, you mentioned Saudi could be finding a bottom here with the potential for year-on-year growth in the second half, which is encouraging. But wanted to get some color on that improvement.

吉里什，你提到沙烏地阿拉伯經濟可能正在觸底反彈，下半年有望實現年比成​​長，這令人鼓舞。但我想了解一下這種改善的具體情況。

Obviously, Saudi has their long-term gas development strategy underway, but you also see recovery in oil activity in country, and if so, how meaningful could that be? And what does that mean for the outlook for Weatherford's revenue opportunity in the country?

顯然，沙烏地阿拉伯正在實施其長期天然氣開發策略，但同時也可以看到該國石油活動的復甦，如果真是如此，這究竟意味著什麼？這對威德福在該國的收入前景又意味著什麼？

Yeah. Scott, look, I think part of it is just a little bit of math initially, right? So Saudi has trended down over the course of the year, and everyone has seen that. So I think as you extrapolate that into the first half of next year, even if activity does rebound from Q4 levels in the first half, which we are cautiously optimistic that it will, just relative to the first half of 2025, it will be down. So I think that's part of it.

是的，史考特，你看，我覺得這其中一部分原因在於一些簡單的數學計算，對吧？沙烏地阿拉伯的經濟在過去一年呈現下降趨勢，這點大家都看到了。所以，我認為，即使明年上半年經濟活動能夠從第四季的水平反彈（我們對此持謹慎樂觀態度），但與2025年上半年相比，仍然會下降。所以，我認為這是部分原因。

We think the improvements will be driven predominantly by gas, but there should be some oil activity as well. I think Aramco has done a great job in driving operational stability and getting contracting in place, et cetera. So I think that provides a platform for then further growth going into 2026.

我們認為天然氣業務的成長將主要推動業績提升，但石油業務也會有所貢獻。我認為沙特阿美在提升營運穩定性、落實合約等方面做得非常出色。因此，我認為這為2026年的進一步成長奠定了基礎。

So like I've said multiple times before, for us, Saudi remains the single largest opportunity, and we think it's a massive opportunity for us for growth in the long term. And that's something we are very focused on. So yeah, so the first half is likely to be down relative to this year but definitely see a rebound in the second half.

正如我之前多次提到的，沙烏地阿拉伯仍然是我們最大的機會所在，我們認為它蘊藏著巨大的長期成長潛力。這也是我們目前重點關注的領域。所以，上半年業績可能會比今年同期下滑，但下半年一定會反彈。

Saurabh Pant, Bank of America.

Saurabh Pant，美國銀行。

Girish, maybe I want to come back to the Mexico part of the discussion. You did say you are cautiously optimistic; I'm just trying to see if you're more optimistic or cautious. But it seems like things are crossing -- they're getting attached better on the margin, right? So maybe talk to that a little bit. What's going on? How should we think about '26?

吉里什，或許我想回到關於墨西哥的討論。你之前說過你持謹慎樂觀的態度；我只是想看看你比較樂觀還是謹慎一點。但看起來事情正在朝著好的方向發展——雙方的立場似乎越來越接近，對吧？所以，或許我們可以稍微談談這方面。現在的情況如何？我們該如何看待2026年？

And just related to that, the working capital side of things, right? You talked a little bit about getting some payments, I think you said earlier this month, last week, I missed that, right? But what's going on? What's the payment mechanism? What should we expect?

說到營運資金方面，您剛才提到了一些款項，我想您是本月初或上週說的，我錯過了，對吧？現在情況如何？付款機制是什麼？我們該期待什麼？

Because I heard, I think you said, that 2024 receivables, when do we get to '25%, right? So maybe just talk to that a little bit.

因為我聽到，我想你說過，關於2024年的應收帳款，我們什麼時候才能達到25%的目標，對吧？所以也許可以稍微談談這個問題。

Yeah. So Saurabh, let me start with activity and I'll ask Anuj to cover the payments and working capital piece. So look, as we have been talking about for a while, we expected Mexico to start to stabilize, and we're starting to see that come through. So we have now seen two quarters of sequential improvement and that gives us a little bit of cause for optimism.

是的。 Saurabh，我先從業務活動說起，Anuj 會負責支付和營運資金部分。正如我們之前討論過的，我們預期墨西哥經濟會開始穩定，現在也開始看到這種趨勢。我們已經看到連續兩季經濟季比改善，這讓我們有理由感到樂觀。

The caution part of it is really more around we don't want to assume that things are just going to go up from here. So we are pretty comfortable and confident that we have reached a point of stability and these activity levels should flow in. And the optimism part is that there might be a slight bit of an inflection positively from here on, but we're not counting on that.

謹慎之處在於，我們不想想當然地認為情況會一直好轉。所以我們相當有信心，目前市場已經趨於穩定，這些活動水準應該會逐步恢復。樂觀之處在於，未來可能會出現小幅的正向反彈，但我們並不指望這種情況會發生。

So I think, look, it's taken a while, but everything has now gotten into place. The operational execution is starting to work through. The payment mechanisms are starting to come through. So I think we are getting back to a period of stability, a lot more clarity over the next several quarters as we look forward.

所以我覺得，雖然花了一段時間，但現在一切都步入正軌了。營運執行開始步入正軌，支付機制也開始發揮作用。因此，我認為我們正在重回穩定期，展望未來幾個季度，前景也會更加明朗。

We've also seen some announcements from other players. So this whole notion of private partnerships, that's starting to take a little bit of fold. So ultimately, look, given the production impacts that the programs had, we think there will be a natural motivation to drive activity levels.

我們也看到了其他一些參與者的公告。因此，這種私人合作的概念正在逐漸成形。最終，考慮到這些項目對生產的影響，我們認為這將自然地推動業務成長。

Anuj, you want to talk about the payments?

阿努傑，你想談談付款的事嗎？

Yes, happy to. So I'd say there's some positive momentum on multiple fronts; Girish did allude to a few of them. The first and foremost is that, recently, the government of Mexico has come out and has made significant -- has announced significant steps to support our largest customer there in Mexico. And we believe this is materially different than prior and a significant positive development, including for them to be financially self-sufficient by 2027.

是的，我很樂意。所以我覺得目前多面向都出現了一些正面的進展；吉里什也提到了一些。首先也是最重要的是，墨西哥政府最近宣布了一系列重要舉措，以支持我們在墨西哥的最大客戶。我們認為這與以往的情況截然不同，是一個意義重大的積極進展，其中包括他們計劃在2027年實現財務自給自足。

On the second aspect, there is positive momentum on the payments front. We did receive a collection just last week from our largest customer there in Mexico. And this is the first one that we've received in early 2025. And so when you combine both the items one and two together, we are now moderately optimistic around the speed of collections here as we get into -- further into Q4 and into 2026.

其次，付款方面勢頭良好。就在上週，我們收到了墨西哥最大客戶的款項。這是我們在2025年初收到的第一筆款項。因此，綜合以上兩點，我們對第四季及2026年的收款速度持較樂觀的態度。

Now, as we think about working capital as a whole, we did say that we were at 29.6% working capital as relative to our last 12 months of revenue. As we do normalize for the impact of Mexico, we are within the 25% target that we have guided ourselves to in our structural target.

現在，當我們整體考慮營運資本時，我們之前提到過，我們的營運資本佔過去12個月收入的比例為29.6%。考慮到墨西哥市場的影響，我們目前的營運資本佔比仍處於我們設定的25%的結構性目標範圍內。

But let me be clear, the 29.6% is not good enough for us. There are numerous initiatives underway that are targeting our DPO or DIO, our days sales outstanding, in order for us to achieve this. And I do feel confident with the, one, component around the payments in Mexico; and two, the structural initiatives we have in place that we will hit our target and be at the 25% thereafter and stay there and potentially improve thereafter.

但我要明確一點，29.6% 對我們來說還不夠好。我們正在實施多項舉措，旨在縮短應收帳款週轉天數 (DPO) 或應收帳款週轉天數 (DIO)，以實現我們的目標。我對以下兩點充滿信心：一是我們已落實的墨西哥支付相關措施；二是我們已實施的結構性措施。我相信我們能夠達成目標，並在之後將 DPO 維持在 25% 的水平，甚至在此基礎上更進一步。

Phil Jungwirth, BMO.

Phil Jungwirth，BMO。

Thanks. Good morning. DRE margins saw a nice uptick in the quarter after being one of the hardest hit segments here in the first half. I was just wondering if you could talk about the improvements here, whether you're beyond the headwinds from earlier this year?

謝謝。早安. DRE（直接銷售實體）的利潤率在本季度出現了顯著回升，此前它在上半年是受衝擊最大的業務板塊之一。我想請您談談利潤率改善的原因，以及您是否已經擺脫了年初的不利因素？

Just looking at year-on-year comparisons, top line was still down 20%, but you only gave up about 150 bps of margin. So wondering if you can talk to the improvements there in the segment?

單從年比數據來看，營收仍下降了20%，但利潤率只下降了約150個基點。所以想請您談談該業務板塊的改進？

Sure, Phil. Look, I think a lot of it has to do with the improvements in Latin America. So we had been really focused on our cost structure and getting that stabilized. So as Anuj alluded to in some of his prepared remarks, as we have gotten that volume absorption and we've seen an uptick in DRE activity, especially in Latin America, that certainly helped those margins improve.

當然，菲爾。你看，我認為這很大程度上與拉丁美洲的業績提升有關。我們一直非常注重成本結構，並努力使其穩定下來。正如阿努傑在他事先準備好的發言稿中提到的，隨著銷量增長，以及DRE業務（尤其是在拉丁美洲）的活躍度提升，利潤率無疑得到了提高。

We've also seen strong activity in other parts of the world, in the Middle East and in a couple of other places. So we feel good about those DRE margins. But this has always been a business segment that is very, very service-oriented. So as revenues improve on here, the fall-throughs here tend to be exaggerated and so giving higher impact around it versus the other two segments that have a varying mix of product and service.

我們也看到世界其他地區，包括中東和其他一些地方，業務活動十分活躍。因此，我們對這些直接銷售收入（DRE）的利潤率感到滿意。但這個業務板塊一直以來都非常注重服務。所以，隨著該板塊收入的成長，其業績下滑的影響往往會被放大，從而對整體業務造成更大的衝擊，而其他兩個板塊的產品和服務組合則較為複雜。

James West, Melius Research.

James West，Melius Research。

Curious about the fourth quarter free cash flow guide, the $100 million with plus mark on it. What are the puts and takes there? How important is the PEMEX receivables to that guide? And how should we think about what do we need to make sure we hit that number? I think there's going to be -- given the guidance out, there's going to be a lot of focus on that.

我對第四季自由現金流預期（1億美元加號）很感興趣。其中有哪些利弊？墨西哥石油公司（PEMEX）的應收帳款對這個預期有多重要？我們該如何考慮才能確保達到這個目標？鑑於已經發布的預期，我認為大家會非常關注這一點。

Hey, James. Sure. I'll take the question first and then I'll pass it on over to Girish. And so you're right, we did allude to $100 million-plus in Q4. And to be candid, there is a decent amount of conservatism baked into these numbers. If we do continue to receive payments out of Mexico, we could be well above this.

嗨，詹姆斯。好的。我先回答這個問題，然後再轉給吉里什。你說得對，我們確實提到第四季會超過1億美元。坦白說，這些數字裡已經包含了相當程度的保守估計。如果我們繼續收到來自墨西哥的款項，實際金額可能會遠遠超過這個數字。

However, it's not something we directly control. And so we do tend to be and err on the side of conservatism. But as mentioned, we could be well above this if we start seeing the momentum that we saw, as alluded to, getting recent payments out of Mexico.

然而，這並非我們能夠直接控制的因素。因此，我們傾向於採取保守的做法。但如前文所述，如果我們能夠看到之前從墨西哥收回款項時所展現出的那種勢頭，我們或許能夠做得更好。

And so before passing it on to Girish, just from a structural standpoint, we do target the 50%, and that's a level that we think we can hit. It is our North Star here at the company to focus on cash-based outcomes. And this is in the DNA, whether you're in the sales team, the IT team, HR, finance, operations, you name it, this is in our DNA to drive free cash flow and something we will continue to structurally do.

因此，在將這項工作交給吉里什之前，僅從結構角度來看，我們的目標是50%，而且我們認為我們可以達到這個水平。專注於現金流是我們公司的北極星。這已經融入了我們的基因，無論你在銷售團隊、IT團隊、人力資源、財務、營運團隊，還是其他任何團隊，推動自由現金流都是我們基因的一部分，我們將繼續在結構上貫徹這一理念。

Yeah. Anuj, I think that's spot on. Look, James, as Anuj pointed out, we really don't have a crystal-clear line of sight. We are very encouraged by the payments coming out of Mexico. So we've set $100 million as a floor really and the plus is meant to indicate that it is higher.

是的，阿努傑，我覺得你說得對。詹姆斯，正如阿努傑所指出的，我們目前的情況確實不太明朗。墨西哥方面的付款讓我們非常鼓舞。所以我們把1億美元設定為最低目標，後面的加號表示實際金額會更高。

Now, we just got the payment a few days back, so that gives us a lot of comfort and confidence in hitting the $100 million. And I think as we get additional payments, it moves up. If you take it just from a math standpoint, at the very bottom end of our estimates, so if you take the absolute floor, take that, and you look at the free cash flow conversion, it's very much in line with the third quarter.

幾天前我們才剛收到款項，這讓我們對實現1億美元的目標更有信心。我認為隨著後續款項的到賬，這個數字還會上升。如果僅從數學角度來看，即使按照我們預估的最低值，也就是絕對最低值，再看看自由現金流轉換率，也與第三季大致一致。

And so anything incremental really starts to wrap up that free cash flow conversion and just a small amount of that has the effect of getting up several hundred bps on the free cash flow conversion. So I think there is a reasonable path to say we could be a lot higher.

因此，任何增量都能實際提高自由現金流轉換率，即使只是一小部分增量，也能讓自由現金流轉換率提高數百個基點。所以我認為，我們完全有可能實現更高的轉換率。

But what we have never wanted to do on these calls is that -- if put something out there and then walk it down either later in the quarter or just say, Hey, we missed because of that. So we've always tried to provide guidance with something that we have line of sight to, and that's really what it is.

但我們從來不想在這些電話會議上做的是——先拋出一些信息，然後在季度末又推翻它，或者乾脆承認「嘿，我們因為這個原因錯過了」。所以我們一直努力提供基於我們所能預見的結果的指引，這才是關鍵所在。

I think what is even more important, though, is to look at the longer-term or even the midterm around this, and you look at 2026, with everything that we have done here in the course of 2025 and as we go into 2026, our free cash flow conversion should improve significantly. The Mexico situation will normalize out.

但我認為更重要的是著眼於更長遠甚至中期，展望2026年。考慮到我們在2025年所做的一切，以及我們進入2026年後的發展，我們的自由現金流轉換率應該會顯著提高。墨西哥的情況也會逐漸好轉。

And I think it is very reasonable to expect that we will have free cash flow conversion well north of 40% as we go into 2026. And that's really, I think, what is far more important to consider than just the timing around singular payments.

我認為，到2026年，我們的自由現金流轉換率將遠高於40%，這是非常合理的預期。而且，我認為這才是比單筆付款的時間安排更重要的考量。

Jim Rollyson, Raymond James.

吉姆·羅利森，雷蒙德·詹姆斯。

Hey. Good morning, everyone. Girish, you've had some of your peers give general '26 outlooks on spending or activity and you've touched on some of the key regions, and you made the comments around first half versus second half.

大家好，早安。 Girish，你的一些同行已經對2026年的支出或活動做出了總體展望，你也談到了一些關鍵地區，並且你還就上半年和下半年的情況發表了評論。

Maybe stepping back from a holistic view and for the full year, how are you thinking about overall spend levels and activity levels as you think about '26 at this point? Just as a maybe a North Star for us to think about for '26 before you guys give detailed guidance?

或許我們可以從整體角度出發，展望2026年，您目前對整體支出水準和業務活動水準有何看法？能否在你們給予詳細指導之前，先提供一個2026年的發展方向參考？

Yeah. So Jim, I think it's still a tad bit early to really get into a whole lot of specifics. A lot of customers are still in the budgeting process, figuring out their CapEx spends. And I think everyone is in a little bit of a wait-and-see or a wait-and-watch mode on where this whole supply-demand balance eventually shakes off, which is why we look at it as a tale of two halves, with the first half being fairly soft and the second half rebounding really driven by offshore markets and some of the key international markets.

是的。吉姆，我覺得現在深入探討很多細節還為時過早。很多客戶還在做預算，還在計算他們的資本支出。而且我認為大家都在觀望，看看供需最終會如何平衡，所以我們把這看作是兩個階段的故事：前半段比較疲軟，後半段則會在海外市場和一些關鍵國際市場的推動下強勁反彈。

But look, very broadly speaking, we think North America will continue to be flattish to down; don't really see a significant inflection there. And then on the international side, I've already touched upon Saudi. We think offshore will be positive in the second half. We think countries like Brazil, Norway, et cetera, will be positive.

但總的來說，我們認為北美市場將繼續保持平穩甚至下滑的態勢；預計不會出現明顯的轉折。至於國際市場，我之前已經提到沙烏地阿拉伯。我們認為下半年離岸市場將呈現正面態勢。我們認為巴西、挪威等國的市場也將保持積極態勢。

We see also a lot of emphasis on production enhancement and mature field rejuvenation, both of which are sweet spots for us. So look, we'll come out in February with more specific guidance for the total year. But look, more than revenue, really, where we look at the whole business is our goal is going to be around making sure that the margins in the company stay healthy.

我們也看到，公司非常重視提高產量和成熟油田的翻新，這兩方面都是我們的優勢所在。所以，我們會在二月發布更具體的全年業績指引。但實際上，比起營收，我們關注的是整個業務，我們的目標是確保公司利潤率保持健康。

I think, look, this year, in a world where revenues have been down double digits, staying, keeping margins not just above 20%, but in the second half now, increasing and expanding margins, I think, is a positive. And that's the rhythm and the trend that we want to keep.

我認為，今年全球營收普遍下滑兩位數，而我們不僅維持了20%以上的利潤率，而且在下半年還實現了利潤率的提升和擴大，這無疑是一個積極的信號。我們希望保持這種節奏和趨勢。

And then most importantly, as I alluded to earlier on free cash flow conversion, having that north of 40%, I think those are really the more important metrics. And then I think that sets us up extremely well for the second half of '26 and then going into '27 and '28, which we think will be very positive.

最重要的是，正如我之前提到的自由現金流轉換率，如果能達到40%以上，我認為這才是真正重要的指標。我認為這將為我們2026年下半年以及2027年和2028年的發展奠定非常有利的基礎，我們預計這兩個年份的業績將非常積極。

Derek Podhaizer, Piper Sandler.

德里克·波德海澤，派珀·桑德勒。

So I wanted to ask about your comments around cost controls, optimizing the organization. Just in the context of your previously guided 25% to 75% margin expansion in a flat to up environment and given your commentary around the muted first half '26, but constructive on second half of '26 and beyond, how should we think about the interplay of this cost optimization and your prior margin guide? And are there any specific examples that are the most impactful from a cost optimization standpoint? Or is it just a number of initiatives that are adding up in order to generate the cost savings?

所以我想請教您關於成本控制和組織優化方面的問題。鑑於您之前曾預測在經濟環境持平或增長的情況下，利潤率將增長25%至75%，並且您對2026年上半年業績表現平淡但對下半年及以後持積極態度，我們應該如何看待成本優化與您之前利潤率預期之間的相互作用？從成本優化的角度來看，是否有一些最具影響力的具體例子？還是說，僅僅是多項措施累積起來才能實現成本節約？

Sure. I'll take that one. So thanks for the question. So I'll break this out into two aspects. One will be the cyclical aspect and the second will be the structural aspect.

好的，我來回答這個問題。謝謝你的提問。我會從兩個方面來解釋：一是周期性方面，二是結構性方面。

And so from a cyclical standpoint, in the earnings prepared remarks we made, we did allude to about 2,000 heads and corresponding $145 million of incremental savings from support costs that we were able to achieve. I do believe we were generally fast to diagnose and move with speed and we were able to make many of these changes earlier on this year.

因此，從週期性角度來看，我們在財報發布前的發言中提到，我們裁減了約2000名員工，並相應地節省了1.45億美元的支持成本。我認為我們總體上能夠迅速診斷問題並迅速採取行動，並且在今年早些時候就完成了許多此類調整。

As a result, we were able to hold margins at a level that alleviated some of the degradation, given the headwinds we're seeing in the market. And this is something we'll continue to do, which is be laser-focused, be candid in terms of what we see, and move with speed where we do need to align activity with the corresponding head count footprint that we have.

因此，儘管市場面臨許多不利因素，我們仍能將利潤率維持在一定水平，從而緩解部分下滑。我們將繼續秉持此策略，即保持高度專注，坦誠面對我們所觀察到的情況，並在需要調整業務活動以適應現有人員配置的情況下迅速採取行動。

Second, on the structural aspect, this is an ongoing continuous improvement environment. And so we do evaluate how are we structured organizationally today? How do we utilize our shared services? How do we think through what we in-source versus what we outsource and where? And then we look at ways of becoming more efficient: utilizing technology, AI to reduce costs as examples.

其次，從結構層面來看，這是一個持續改善的環境。因此，我們會評估目前的組織結構，如何利用共享服務，如何權衡哪些業務應該內部完成，哪些業務應該外包，以及外包的地點。然後，我們會探索提高效率的方法，例如利用技術和人工智慧來降低成本。

I do lead, in the continuous improvement mindset, I do lead a monthly and quarterly steering committee where we are focused on the details. We are rolling up our pants and wading into the muck to evaluate our targets and our spend on things like T&E, logistics, IT, telecom, supplies, third party.

我秉持持續改善的理念，並領導每月和每季的指導委員會，我們專注於細節。我們腳踏實地，深入細節，評估我們的目標以及在差旅費、物流、IT、電信、物資供應和第三方服務等方面的支出。

And so we are consistently, with detail, looking through our cost structure to evaluate. And so all of these combined is really in support of the margin improvements you alluded to in a flat to stable market environment.

因此，我們一直在細緻地審查成本結構並進行評估。所有這些因素加在一起，確實有助於您在市場平穩或穩定的情況下實現利潤率的提升。

Doug Becker, Capital One.

道格·貝克爾，第一資本。

Thank you. Girish, you mentioned your excitement for the Intelligent Completions and the introduction of Weatherford Intelligence. Just curious to get a little more context about how do you see these technology impacting financial results just over the next couple of years?

謝謝。 Girish，您提到您對智慧完井和Weatherford Intelligence的推出感到非常興奮。我很好奇，您認為這些科技在未來幾年內會對財務表現產生怎樣的影響？

Yeah. Doug, look, I'm incredibly excited. I think a few things that really stand out. First, what we are starting to do is now we've got the -- a pump prime, so to speak, on the innovation engine, and now we are really starting to get a lot more acceleration in our ability to get products out. So we launched over 20 new things at our FWRD conference. And that just goes to show how fast we're moving, and that's just in the last one year.

是的，道格，聽著，我真是太興奮了。有幾點尤其突出。首先，我們現在就像給創新引擎打了個“啟動泵”，產品上市的速度也大大提升。我們在FWRD大會上發表了20多款新產品。這足以說明我們發展速度有多快，而這只是過去一年的成果。

What we're really trying to do first and foremost with everything that we launch is increase the value gap. So essentially, the notion being, you can come in at a higher price and a lower cost, either with what you are replacing or just relative to the rest of the portfolio. So first of all, margin accretion is what we get from a financial standpoint.

我們推出所有產品的首要目標都是提升價值差距。本質上，我們的理念是，無論對於替代產品還是相對於產品組合的其他部分，都可以用更高的價格和更低的成本取勝。因此，從財務角度來看，利潤率的提升是我們首先追求的目標。

The second thing that is really important for us is all of these businesses are capital-light, so really allowing us to become a business that reduces its capital intensity and further enables us to get better cash outcomes. So that's really key.

對我們來說，第二件非常重要的事情是，所有這些業務都是輕資產運營，這真正使我們能夠降低資本密集度，並進一步改善現金流。所以這才是關鍵。

The third thing that we are trying to do with all of our product launches, and the more digital we get, of course, that helps tremendously, is also have an improvement on working capital, specifically around inventory, right? So this really helps in the digital piece, is tremendous from that standpoint because we don't carry inventory around a lot of the software pieces.

第三，我們所有產品發布都在努力實現的目標，當然，隨著數位化程度的提高，這將極大地幫助我們改善營運資金，尤其是在庫存方面，對吧？所以，從這個角度來看，數位化帶來的幫助非常大，因為我們很多軟體產品都不需要庫存。

So I think it -- ultimately, all of these things come together and just allow us to start growing margins at a slightly higher pace than what we would have naturally done, as well as improve the free cash flow conversion for the company.

所以我認為——最終，所有這些因素結合起來，使我們能夠以比自然成長速度略快的速度提高利潤率，並提高公司的自由現金流轉換率。

Josh Jayne, Daniel Energy Partners.

Josh Jayne，Daniel Energy Partners。

Thanks for taking my question. I was curious, could you just go into a bit more detail on your ERP implementation, the benefits that it will provide, the timeline, and how it's ultimately impacting your business moving forward? Thanks.

感謝您回答我的問題。我很好奇，您能否更詳細地介紹一下您的ERP實施情況，包括它將帶來的好處、時間表以及它最終將如何影響您公司的未來發展？謝謝。

Sure. Happy to. Thanks for the question. So we are undergoing a full-scale ERP cloud-based implementation. This is a two- to three-year journey, so think 2027, 2028. This will be funded within our cash flow. It will be funded within our general 3% to 5% CapEx guidance.

當然可以。樂意效勞。謝謝你的提問。我們正在進行全面的ERP雲端部署。這是一個為期兩到三年的項目，預計在2027年或2028年完成。資金將來自我們的現金流，符合我們3%到5%的資本支出預算目標。

And this is something that we, as a company, are extremely excited about. This is not just a technological transformation. It's going to rethink how we do business with regards to managing our supply chain, our inventory, our procurement, all the processes we have in-house and more.

作為一家公司，我們對此感到無比興奮。這不僅僅是一次技術變革，它將徹底改變我們開展業務的方式，包括供應鏈管理、庫存管理、採購管理以及所有內部流程等等。

And so I've alluded to margins a handful of times here on the call. I do think the team was able to move with speed to protect our margin. And I'm excited, as we roll out the ERP and as we start realizing even more efficiencies related to it, the potential upside that we can complement our margins with, with the rollout of the ERP.

所以，我在電話會議上多次提到了利潤率。我認為團隊能夠迅速採取行動來保護我們的利潤率。隨著ERP系統的推出，以及我們開始意識到它帶來的更多效率提升，我感到非常興奮，因為ERP系統的推出有望進一步提高我們的利潤率。

Thank you. And that concludes our question-and-answer session. I'd like to turn the conference back over to the management team for any final remarks.

謝謝。問答環節到此結束。現在我將會議交還給管理團隊，請他們作總結發言。

Great. Thanks, Rocco. Hey, thank you all for joining the call today. Look, as we have alluded to multiple times in the past 45 minutes, the market is soft. We have gone through a lot of volatility and we have repositioned the company to prepare for this operating environment.

太好了。謝謝，羅科。大家好，感謝各位今天參加電話會議。正如我們在過去45分鐘內多次提到的，市場疲軟。我們經歷了很大的波動，並已調整公司策略以適應當前的經營環境。

I joined the company five years ago. This is my 21st earnings call. And I will tell you with absolute unequivocal conviction that I have never been more excited about the future of Weatherford. I think we're really firing on all cylinders. And despite the softness in the market, I feel very good about our ability to compete and to deliver the value we need for our customers and for our shareholders.

我五年前加入公司，這是我參加的第21次財報電話會議。我可以毫不含糊地告訴大家，我對威德福的未來從未像現在這樣充滿信心。我認為我們正處於全速運轉狀態。儘管市場疲軟，但我對我們的競爭力以及為客戶和股東創造價值的能力充滿信心。

Thank you all for joining, and we'll update you again in early February for our total year results. Thank you.

感謝各位的參與，我們將在二月初再次向大家公佈全年業績。謝謝。

Thank you. This concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝各位參加今天的報告。現在您可以掛斷電話了，祝您有美好的一天。